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LATEST NEWS UPDATES | Supreme Court clears path for pension to rise manifold for employees in all firms -Prabhakar Sinha

Supreme Court clears path for pension to rise manifold for employees in all firms -Prabhakar Sinha

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published Published on Apr 2, 2019   modified Modified on Apr 2, 2019
-The Times of India

NEW DELHI: The Supreme Court on Monday paved the way for higher pension to all private sector employees by dismissing a special leave petition filed by Employees Provident Fund Organisation (EPFO) against a Kerala high court judgment.

The HC had asked EPFO to give pension to all retiring employees on the basis of their full salary, rather than capping the figure on which contribution is calculated at a maximum of Rs 15,000 per month.

"We find no merit in the special leave petition. The same is, accordingly, dismissed,'' the SC ruled.

The only catch is that while pension will increase, the provident fund corpus will be reduced as the extra contribution will now go to EPS rather than PF. However, the amount reduced is unlikely to be significant as the commutation of the part of increased pension will be sufficient to fill the gap.

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The Times of India, 2 April, 2019, https://timesofindia.indiatimes.com/india/supreme-court-clears-path-for-pension-to-rise-manifold-for-employees-in-all-firms/articleshow/68678971.cms


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